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Thanks, Marv! I should add -- I know that ultimately I just need to apply and see if I prequalify, but I'm asking now because I'm trying to decide what I should do about my current rental situation, which is not ideal. If I get the sense I will qualify soon, I'm going to suck it up and look to buy a house this spring/summer. If it sounds like I'm a year away from it (need lower CC further, bigger downpayment, etc), I'll go ahead and sign a year lease on a different apartment.
Hi, all. I'd like some input on 1) Whether I'd qualify for a mortgage 2) If not, how much more I have to do 3) If yes, what kind of loan and what kind of lender should I look into Income: ~$70k a year at current job, but have only been here 4 months, and I've had 4 employers in 4 years. Higher salaries, but same title. Common in my industry, but I know it doesn't look good. Price range: I'm looking for something in the $100-130k price range. I would only want to go bigger than that for a house that had strong potential for renting out part of it. (I'm in a college town in rural central PA, lots of carriage house apartments here). Credit/downpayment: Credit Karma scores are 635-648. One 30 day late, history is not long (7 years) and CC utilization is at 24% (19k/80k) On the good side I do expect that by the end of March, which is when I hope to be applying, I will have that utilization down to ~14% AND have money saved up for a 3.5% downpayment. Debt: This is my big problem: I have $150k in student loan debts (professional education in an occupation that I am currently unable to pursue). It’s all in deferral now (Covid) but obviously payments will resume at some point. Car loan of $5k. I am in a USDA loan eligible area. I jointly owned a house before, with my ex. I heard if it’s just me now, I qualify as first-time buyer (?). Thanks for any help!